Insurtech Market Size Hit USD 53.91 Billion at a CAGR of 44.3% in 2028
Increasing investment by insurance companies in digitization to improve payments system functionality is a significant factor driving growth of the insurtech market.
Market Size – USD 2,750.9 Million in 2020, Market Growth – at a CAGR of 44.3%, Market Trends – Advancement in technology
The global insurtech market is expected to reach a market size of USD 53.91 Billion by 2028 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. Rapid growth of the insurtech market can be attributed to increasing investment by insurance companies in digitization to improve payments system functionality. Insurtech helps insurance companies to offer an integrated billing system that can accept diverse payment forms enabling greater customer flexibility and thereby improving billing system efficiency. The automated billing systems can notify and remind clients/customers of approaching dates of payment for premiums, and thus reduced unintended defaults.
The benefit of insurtech to reduce underwriting cost is significantly fueling the market growth. Increasing number of IoT devices and sensors is playing a major role in impact availability of real-time information to insurers for better underwriting/pricing. Use of drones has considerably changed the process of writing home insurance policies pertaining to fire. Drones can provide footages of all sorts of things including, houses that might not be visible due to trees.
Increased funding for innovative technology adoptions in the insurance sector due to rise in wider venture capital possibilities is driving the insurtech market growth. In the US, insurtech companies have profited from better opportunities for venture capital funding, with several insurance startups successfully completing several funding rounds.
Key participants in the market include Insurance Technology Services, Oscar Insurance, Wipro Limited, Damco Group, Trov Insurance Solutions LLC, Haven Life Insurance Agency LLC, Shift Technology, DXC Technology Company, Quantemplate, and Alan SA.
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The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Insurtech Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Insurtech Market.
Further key findings in the report suggest
- In September 2020, Thoma Bravo, a private equity firm, made an announcement about the acquisition of Majesco, a company providing insurance software. As per the agreement, Thoma Bravo acquired all of Majesco’s shares in a transaction worth USD 729.0 million.
- By type, home segment is segment is grow at the fastest rate over the forecast period. Customers of home insurance expect o receive more value for the premiums they pay. Products and coverage, claims, and underwritings are considered crucial points by home insurance customers that require improvement. Home insurance customers are more likely to opt for digital channels to interact with insurance companies and desire most convenient experience and insurtech with the use machine learning technology and artificial intelligence can prove beneficial in meeting the expectations.
- In insurance industry, cloud computing offers several advantages for new customer acquisition, internal processes, and policyholder loyalty. The extensive adoption of bring your own device policies, along with increasing amount of data collected by insurance companies are driving the demand for cloud computing technology in insurtech industry.
- At present, there is rise in the number of automotive insurance providers offering telematics-based programs. This approach is known as usage-based insurance, which enables insurance providers to base insurance premium of each client on their real-time on-road behavior, including how quickly they corner their vehicle, how fast they accelerate it, how late they apply brakes, and time and place of driving.
- Insurtech market in North America accounted for the largest revenue share in 2020, attributed to increasing acceptance of IoT, machine learning, and blockchain technologies by insurance service providers and presence of a large customer base for insurance solutions and services. In addition, presence of leading insurtech companies and emergence of various startups in the region spur the market growth.
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For the purpose of this report, Reports and Data has segmented the global insurtech market on the basis of type, technology, service type, industry vertical, and region:
Type Outlook (Revenue, USD Million; 2018-2028)
Technology Outlook (Revenue, USD Million; 2018-2028)
- Machine Learning
- Cloud Computing
- Robo Advisory
Service Type Outlook (Revenue, USD Million; 2018-2028)
- Support & Maintenance
- Managed Services
Industry Vertical Outlook (Revenue, USD Million; 2018-2028)
- Automotive & Transportation
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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Key Advantages of Insurtech Market Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Insurtech industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Insurtech Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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